Radium is an unusual, small B.C. community in that more than 60% of residences are multi-family. While this dynamic is being driven by recreational property ownership, the availability of multi-family residential dwelling units generates ability for many to “own” an inspired mountain existence.

Housing Prices are a Fraction of the Price of B.C. and Calgary Housing With Income Near (B.C.) or Substantially Above (Calgary) the Canadian Average

Using median after tax family income (2010) and average house resale price in Radium (2014) compared to B.C. averages, Radium:

Has 5% lower median after tax economic family income ($64,748) than the B.C./Canada average ($67,500), BUT

Has an average resale home price that is 61% lower than the B.C. average

Using median after tax family income (2010) and average house resale price in Radium (2014) compared to Calgary averages, Calgary:

Has 30% higher median after tax economic family income ($84,938) than the B.C./Canada average ($67,500), BUT

Has an average resale home price that is 53% lower than the Calgary average (23% lower specific to single family dwellings).

Average Residential Home Resale Price (YTD as at Sept. 2014, includes single and multi-family residences):

Based on house resale prices in 2014, housing prices in Radium (inclusive of single and multi-family residence) are:

61% lower than the B.C. average

72% lower than the metro Vancouver average

53% lower than metro Calgary average

Housing Affordability: Price to Income Ratio (2013)

The price to income ratio is the basic affordability measure for housing in a given area. It is generally the ratio of median house prices to median household income, expressed as a percentage or as years of income. This ratio is a basic component of mortgage lending decisions. The lower the number, the more relatively affordable housing is.

$56,400 in annual gross household income is required to purchase an average resale home ($227,000 – including single and multi-family) in Radium. Based on that annual income, 59% of East Kootenay households and 69% of Calgary metro region households can afford an average-priced resale home in Radium.

$81,600 in annual gross household income is required to purchase an average resale detached single family dwelling ($428,000 – 2014) in the north Windermere Valley (Invermere, rural Invermere, Radium, Canal Flats). Based on that annual income, 40% of East Kootenay households and 52% of Calgary metro region households can afford an average-priced resale home in Radium.

Housing prices rose relative to BC, Calgary and Vancouver between 2006 and 2011, signifying robust desire for residency in the East Kootenay. Since 2011, average home resale prices in the North Windermere Valley (Invermere, Invermere rural, Radium, Canal Flats) have fallen 16%, representing a market breather that represents a good buying opportunity for recreational property owners and those wishing to be resident in Radium full-time.

B.C. Has a Competitive Tax Climate

B.C. has one of North America’s most competitive tax climates for businesses. B.C.’s general corporate income tax rate is 11 per cent, among the lowest in Canada. BC’s combined federal-provincial rate is 26 per cent, among the lowest of the G7 countries. BC has the lowest provincial personal income taxes in Canada for people earning up to $121,000.